NCRIB kicks off training of members on IFRS

Stories from NgoziOnyeakusi, Lagos

The President, Nigerian Council of Registered Insurance Brokers (NCRIB) said the council has commenced training of its members on the International Financial Reporting Standards (IFRS).

Shoderu who disclosed this while declaring open the pilot phase of the training in Lagos, stated that the Council has engaged the services of leading IFRS consultants under its shared services scheme to reduce the cost burden on individual operators

According to him, the training will be carried out in batches, begining in Lagos then moving to Abuja and Enugu.

He noted that the IFRS was designed as a common global language for business affairs so that companies’ accounts are understandable and comparable across international boundaries adding that IFRS is a consequence of growing international shareholding and trade is important for companies that have, or angling to have dealings in several countries.

“The IFRS behoves on accountants in broking firms to maintain books of accounts which are comparable, understandable and relevant. The scheme required that operators be more transparent and meticulous in their financial accounting formats”

“We are all aware that the global environment in which we operate has posed greater challenges to us to be more ethical and eschew unprofessional conducts if we want to remain in business,” he said.

He enjoined its members to check the website of the Council for their names to know when it will be their turn to attend the training.

Earlier in his remark, the Commissioner for Insurance, Mr. Fola Daniel, represented by an Assistant Director of the National Insurance Commission, Mr. Egwu Kenneth, commended NCRIB for being the first insurance group in the country to take the initiative of shared services scheme under which its members are being trained for the IFRS.

Also, the Lead Consultant of Netherwood Consulting, Mr. AdeyemiAdetunji stated that the new tempo of global accounting standards required that all business operators make their accounting and financial reporting transparent. He said it is imperative for insurance professionals to imbibe the new reporting format, considering the nature of insurance as a global business.